Graycarek comes to UofL from the University of Indianapolis, where he has been executive vice president of finance and administration since February 2024. During his tenure, he led the university to consecutive years of improved finances, including a 70% increase in cash balances and a 10% increase in endowment market value. Graycarek also eliminated a $17 million budget deficit while resourcing funds for cost-of-living increases, enhanced student mental health services, increased student financial aid and improved residence hall experiences. He also successfully led a $79 million housing transaction that secured long-term university ownership of three apartment complexes and provided significant upfront and ongoing financial benefits.

“We’re excited to bring Rick back home to UofL,” said President Gerry Bradley. “He is an accomplished and experienced financial leader with a proven track record in budget management, capital planning and leading successful teams. Best of all, he knows the opportunities and realities here at UofL. We’re confident in his ability to address a challenging financial climate.”

Graycarek has a master’s degree with a public administration/public finance concentration from the University of Kentucky and a bachelor’s degree in economics and political science from the University of Wisconsin-Oshkosh. He also completed the Fellows program with the National Association of College and University Business Officers.

At UofL, Graycarek replaces Charlie Perusse, who had been serving as EVPFA/CFO in an interim role. Perusse presented a balanced budget for fiscal year 2026 despite considerable pressures and worked on a new affiliation agreement with UofL Health.

Graycarek previously worked under UofL EVPFA/CFO Dan Durbin, who passed away earlier this year.

“I am deeply grateful and excited to return to the Cardinal family,” Graycarek said. “I look forward to working with President Bradley and his team, the Board of Trustees and the entire UofL community to advance the university’s strategic plan. I am also incredibly thankful for my family, friends and Dan Durbin whose support and inspiration have meant the world to me.”

LeMay’s hiring follows a national search and was approved today by the UofL Board of Trustees. He is expected to start March 1.

“Aaron is a rare find,” said UofL President Kim Schatzel. “We had a very deep pool of qualified candidates, but his combination of work with both major research universities and well-respected health care systems set him apart as the top choice. We look forward to his joining our great team at UofL, and we expect his future here to be very bright.”

Currently, LeMay is serving as an independent consultant for health care and higher education institutions with his own firm, LeMay Consulting, in Houston. His most recent positions were at the University of Texas Medical Branch, where he served as the special advisor to the president, interim chief business and finance officer and vice president, financial accounting and reporting.

During his time at UTMB, he provided strategic leadership to various key operations, including revenue cycle, business operations, facility, information technology services, supply chain, procurement, budget, forecasting, capital planning, controller, risk management and treasury.

Prior to joining UTMB, LeMay was associate vice chancellor for finance and system controller for the University of North Texas System in Denton, Texas. He also has held various positions at Sam Houston State University, Rice University and Baylor University, all in Texas.

LeMay is a Texas Certified Public Accountant and member of the State Bar of Texas. He holds a law degree from South Texas College of Law, a master’s in education from Baylor and a bachelor’s with honors from Ouachita Baptist University in Arkadelphia, Arkansas.

“Joining the UofL team under President Schatzel’s leadership enables me to be part of a tradition of excellence and gives me an opportunity to help build an exciting future for this storied institution,” LeMay said. “I am excited to be part of a community that is working together to improve student success, the level of collaboration among operations and workforce development. I look forward to working with the finance and administration team to build upon an already strong foundation.”